Why I Didn’t Save a Penny from My First Job

In the summer of 2008, I was a newly licensed 16 old. With my independence, I applied for a job and was hired at a local putt-putt course. I only made minimum wage, but there were plenty of hours available so it worked out. For the first time in my life, I actually had real money that I had earned. Before this job, my main sources of income were just random odd jobs for my parents or grandparents and cash saved up from birthdays. Now, I had enough money to actually do stuff with. I could go out to the movies with friends every weekend, go to Chipotle 3 or 4 times a week, and buy an iPhone (and its data plan).

And I did.

To be honest, I was having a great time. The movies were entertaining, Chipotle was delicious, and my iPhone was a beacon of awesome. But I wasn’t planning ahead. I would “save” 20 bucks here and there, only to spend it a few weeks later on something I thought I wanted.  College wasn’t on my radar and the thought of investing or retirement was laughable.

And so I spent and spent and spent. I didn’t even really stop to think that I should be saving until I found out in March 2009 that I wouldn’t be able to work again in the summer. I was spending everything I earned and realized my new spending habits wouldn’t last without a job.

Now, I’m doing better with my spending…sometimes. But looking back 18, I can see why it just wasn’t a priority.

1. Youth – There was (and still is many times) an overwhelming sense of “I’m young and can do what I want.” I was living in the moment non-stop and nothing in the future seemed real or important.

2. Excitement - there was just something exciting about being young and spending money. I felt like an adult. After all, adults spend lots of money don’t they?

3. No unwanted expenses. – the only expenses I had were the ones I wanted. Eating out; check,  entertainment; check, technology; check. My dad paid for my car insurance and gasoline. The only things I paid for were the three listed above.

This arrangement was primarily out of necessity; I simply couldn’t have afforded to pay for gas and insurance. But there was no reason why I couldn’t have paid for say half my gas or part of the insurance. My dad simply wanted to give me every 16 old’s fantasy: a car and no responsibilities. Who was I to say no?

Without a doubt, I had fun that summer. I lived like I wanted to and bought what I thought I needed. But I also missed a huge opportunity to jump start my financial success.

Nowadays, I realize being young doesn’t mean I can’t start building the foundation of financial freedom and success. Even better, it doesn’t mean I can’t have fun or live like there’s no tomorrow.